Arista Networks (NYSE:ANET) Stock Price Up 2.6% – Still a Buy?

Arista Networks, Inc. (NYSE:ANET)’s share price rose 2.6% during trading on Tuesday . The company traded as high as $105.49 and last traded at $102.89. Approximately 8,330,525 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 8,166,788 shares. The stock had previously closed at $100.30.

Analysts Set New Price Targets

ANET has been the subject of a number of research analyst reports. Citigroup boosted their target price on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company lifted their price target on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. The Goldman Sachs Group lifted their price target on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Trading Up 5.9 %

The company has a market cap of $133.80 billion, a P/E ratio of 51.06, a PEG ratio of 3.49 and a beta of 1.08. The business’s fifty day moving average is $110.83 and its 200 day moving average is $98.33.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Arista Networks’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, research analysts expect that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $96.83, for a total transaction of $241,693.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 343,992 shares of company stock valued at $37,634,420 in the last 90 days. 3.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ANET. Swedbank AB grew its position in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after acquiring an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC grew its position in Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after acquiring an additional 4,512,166 shares in the last quarter. Jennison Associates LLC grew its position in Arista Networks by 307.7% in the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after acquiring an additional 3,496,497 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Arista Networks by 306.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock worth $268,966,000 after acquiring an additional 1,835,421 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Arista Networks by 473.2% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,326,274 shares of the technology company’s stock worth $146,593,000 after acquiring an additional 1,094,910 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.